E-wallets are payment gateways used to transfer and store digital currency such as bitcoin. It is the most preferred payment gateway in online casinos. You might have come across this term either in some online e-commerce store offers or reviews of other payment options such as bank transfers which is lengthy and full of hassles.
Some people see them as unsafe for making payments as they don’t understand what are they and how e-wallets work. But, these are some of the fastest methods of online payment. Therefore, this article explores the nature of e-wallets and how they operate. You might be using some of these already.
Common payment methods used by players
In all countries, four types of payment methods are widely used, such as: –
- Debit cards
- Transfer through bank accounts
the fastest of these are e-wallets.
What are e-wallets?
An E-wallet is a digital interface used by people to transfer funds online instantly. An article in The Economic Times describes it as a type of digital id card used to transfer money online. PayPal is the most widely used e-wallet international. However, it is not very famous in oriental countries. It’s more of an occidental thing!
Depending on certain basic conditions such as identity, registration and activation of an e-wallet is free of charge. For instance, a bank is a third party between the payer and the payee. The bank is responsible for paying the money after ascertaining whether the payee has the balance to clear the demand. It takes time for verifying the transaction.
The transaction becomes simple if this bank account is linked with an e-wallet. They are secured by SSL protection and password and are really fast. We can use them for a variety of purposes such as checking the balance in the account, track transaction history, play games, win cashback, etc.
How to use an e-wallet?
Download the application for e-wallet on your smartphone from Google Play Store or Apple’s App Store. The interface would ask you to fill in some essential particulars such as your name, phone number, and bank account details. These details are never shared with a third party.
When you want to make a payment, just open the application, fill in the amount and pay. This can be done simply either by scanning the QR code of the payee’s app or through their phone number. The application also allows transfer via UPI code or bank account number.
There is a risk in accessing internet banking because of constant attacks of hackers on the website of banking institutions. E-wallets are great this way as their encryption makes it hard for hackers to hack them. Moreover, one will need to access the device with which the e-wallet is integrated to make the payment. So, the likelihood of it being hacked is less.